Skip to main content

Financial Transaction Corrections and Journal Entries

Financial Corrections are submitted when a funding segment string needs to be changed to accurately record the Payables or Payroll transaction.

Journal Entries are submitted to correct financial coding of Departmental Deposits, Reallocations, and transactions without a transaction number OR Surplus Transfers.

Getting Started

What do I need to know before getting started?

  • There are three types of correction requests: Payables, Payroll and Journal Entry.
  • Payables Corrections must be submitted when an incorrect segment value is submitted for an Expense Report, Internal Payment, Invoice Payment, P-Card Transaction or Requisition.
  • Payroll Corrections must be submitted when an incorrect segment value is submitted for employee payroll.
  • Journal Entries must be submitted when requesting surplus transfers, reallocations and corrections to transactions with no Transaction Number.
  • Use the Correcting Entry Matrix to identify the appropriate process for the change you need to make.
  • When submitting a Payables Correction, you must include the Transaction Number, Line Number and Line Amount in the correction request. Note: Use the Payables – Campus Transaction Dashboard to find the Transaction Number, Line Number and Line Amount.

Reports

Payroll Corrections
Run the Salary Ledger to view employee payroll details like employee name, employee ID, pay type, position number and pay end date. A copy of the Salary Ledger is required when submitting Payroll Corrections.

Payables Corrections
Run the Payables – Campus Transaction Dashboard to view details like Transaction Number and GL Line Number. Details found on the Payables – Campus Transaction Dashboard are required when submitting Payables Corrections.

Journal Entry – Balance Transfer for Local Funds
Run the Local Fund Balance – BvA to view the fund balance of every Cost Center. Prior to year-end, a balance transfer must be submitted for any Cost Centers in deficit. Details found on the Local Fund Balance – BvA are required when submitting Balance Transfers. Note: Deficit balances must be cleared by year-end OR a plan must be in place with the Controller’s Office to clear the deficit. It is recommended that balances are reviewed monthly so departments can plan accordingly.

Journal Entry – Departmental Deposit
Run the Deposits – Campus Transaction Dashboard to view deposit information by department or cost center, deposit type, preparer group, and/or accounting dates. Details found on the Deposits – Campus Transaction Dashboard are required when submitting Departmental Deposit corrections.

Attachments

Journal Entry Requests require the Journal Entry Template as an attachment.
See the Journal Entry Request Smartsheet for an updated copy of the Journal Entry Template.

Payroll Corrections require the Payroll Correction Template as an attachment.
See the Payroll Correction Request Smartsheet for an updated copy of the Payroll Correction Template.

Payables Corrections may require attachments that are determined by the correction itself. For more information about attachments, see the Correcting Entry Request Smartsheet (for a single Payables transaction) or the Multiple Correcting Entries Smartsheet.

Frequently Asked Questions

How do I follow up on the status of a correction request?

Use the Correcting Entries Tracker to follow up on correction requests.

When will the General Ledger (GL) be updated?

Once the status on the Correcting Entries Tracker shows complete, the GL will be updated the following day.

How do I find the Transaction Number for a Payables Correction request?

Run the Payables – Campus Transaction Dashboard to view the Transaction Number for any Payables transaction.

Best Practices

What are best practices?

  • Review transaction monthly to ensure accurate financial reporting.
  • Submit corrections as soon as possible.
  • All corrections should be submitted within the same fiscal year the transaction occurs.
  • Use the Payables – Campus Transaction Dashboardto locate the Transaction Number, Line Number, and Line Amount for the transaction that needs corrected.
Back To Top